There are various Medicare enrollment periods allotted each year. Discover all you need to know about the Medicare Annual Enrollment period, or AEP. Medicare recipients and prospective members will learn the basics of the AEP, the changes that they can make during and after this period every year. Let our advisors help you through the Annual Enrollment Period.
What is Medicare AEP?
Medicare AEP is Medicare’s annual enrollment period. Also called the Annual Election Period, AEP is one of the four time periods in Medicare in which Medicare recipients can change their Medicare coverage to adjust it to their current needs. Those not currently enrolled in Medicare can enroll during this time period. The AEP time period runs from October 15th to December 7th on a yearly basis.
Medicare AEP Dependence
Medicare AEP is not a period that affects all Medicare recipients and prospects. As other Medicare periods, AEP will only affect members and hopefuls of certain Medicare plans. The AEP is dependent on Medicare Advantage, also called Medicare Part C and prescription drug plans, which fall under Medicare Part D. Medicare Supplement plans are an alternative to Original Medicare and Advantage, so they will not be affected by the AEP.
What Changes Can You Make During AEP
There is a lot you can do during the AEP. Here is a general list of what you can do during the Annual Enrollment Period. This doesn’t concern Medicare Supplement, as prospects can enroll whenever.
Change your Medicare Advantage Plan.
Change from your Medicare Advantage Plan to Original Medicare, Part A & Part B.
Change from Original Medicare Part A & Part B to Medicare Advantage.
Change to another prescription drug plan.
Enroll in a Part D plan.
Enroll in a Medicare Advantage Plan.
Change from a Part D plan to a Medicare Advantage plan if you are enrolled in Part A and Part B of Original Medicare.
Remove your Part D prescription drug coverage.
What You Can’t Do During the AEP
Here is a list of things you cannot do during the Annual Enrollment Period:
You cannot enroll into group or retiree benefit plans during the AEP.
You may not have a plan effective before January 1st, should you make any changes.
You cannot qualify for a guaranteed issue of a Medicare supplement with the AEP election code only. You’ll need to go through other qualification standards to test if you’re eligible for a guaranteed issue of a supplement.